I also recommend Rings Extended. It will allow you to simply set an mp3 as a ringtone. All my previous phones let me have the ability to just choose an mp3 as a ringtone, and I thought it was roundabout that I had to play an mp3 first, then set it as my ringtone. Esp. because I don't want my text ringtone to be the same as my call ringtone.

Okay, when I go to the contact screen and hit menu, options doesn't come up, only edit, delete, link contact, unlink contact, or share name card. What am I doing wrong???

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I have the same menu options as you too! None of the above menu options appear for me and none in any forum for how you do this exist on my phone!!! Super super frustrating! I've had this phone since March and still can't figure out how to do this. There must be a way! Do you have the Droid 2 global? Maybe that's the problem? That's what I have. Maybe this only works for the regular Droid?